Performance

Higher Purpose, Incentives and Economic Performance

How does organizational higher purpose affect employee behavior and firm output? We develop an optimal-contracting model which shows that pursuing...

Corporate Governance and the Returns on Investment

Identifying the Effect of Managerial Control on Firm Performance

Using a unique sample, we attempt to identify the consequence of the separation between inside ownership and control for firm performance. We exploit...

Voluntary Corporate Environmental Initiatives and Shareholder Wealth

The Effects of Management-Board Ties on IPO Performance

This paper studies the two potentially contrasting effects on IPO pricing and post-IPO operating performance of family ties as well as social ties the...

Corporate donations and shareholder value

Do corporate donations enhance shareholder wealth or reflect agency problems? We address this question for a global sample of firms whereby we...

Technology and Corporate Governance: Blockchain, Crypto, and Artificial Intelligence

Over recent decades, the on-going “digital revolution” has transformed many aspects of everyday life. Think of the increased power and shrinking...

Women in the Boardroom and their Impact on Governance and Performance

We show that female directors have a significant impact on board inputs and firm outcomes. In a sample of US firms, we find that female directors have...

The Long-Term Operating Performance of European Mergers and Acquisitions

Why Did Some Banks Perform Better during the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation

Top Management Ties with Board Members: How They Affect Pay-Performance Sensitivity and IPO Performance

This paper is the first study on the effects of pay-performance sensitivity (PPS) on the performance of initial public offerings (IPOs) in the presence...

Why CEO Option Compensation Can be a Bad Option for Shareholders: Evidence from Major Customer Relationships

We study how the existence of important production contracts affects the choice of CEO compensation contracts. We hypothesize that having major...